Shanghai (Gasgoo)- On September 16, 2025, Hesai Technology ("Hesai"), a global leader in LiDAR solutions, made its debut on the Hong Kong Stock Exchange's main board, becoming the first LiDAR company to achieve a dual primary listing in both the United States and Hong Kong.
According to earlier filings, the company launched a global offering of 17 million Class B ordinary shares, including 1.7 million shares placed in Hong Kong and 15.3 million offered internationally. Priced at HK$212.80 per share, the listing is expected to raise about HK$4.16 billion.
At the core of Hesai's business is its advanced driver assistance system (ADAS) LiDAR line, which has been gaining scale through mass deliveries and building a strong market moat.
In the first half of 2025, Hesai delivered 547,913 LiDAR units, representing a 276% surge year-on-year. Deliveries in the ADAS segment alone reached 449,651 units, up 238% from a year earlier and already surpassing its full-year 2024 volume.
This sharp growth reflects years of investment in chip-level innovation. Since 2017, Hesai has been developing LiDAR-specific chips and has now rolled out its fourth-generation digital single-photon platform. The architecture is already in mass production with the ATX series and is set to expand to the ETX line.
By integrating seven key components—including lasers, detectors, and digital signal processors—the fourth-generation chip simplifies design while improving both performance and cost. The ATX series now sells for around $200 per unit in volume shipments, down 50% from the prior generation and more than 95% lower than early industry prices when Hesai was founded.
This dramatic cost reduction has strengthened Hesai's competitive edge and earned the company broad recognition and long-term partnerships across the industry.
The company has so far secured mass-production contracts for over 120 vehicle models from 24 automakers. In the robotaxi sector, nine of the world's top ten operators have chosen Hesai as their primary LiDAR supplier. These close ties underpin its ability to scale deliveries.
More recently, Hesai won additional contracts from U.S.-based Motional, Hello, and several other Robotaxi firms. On September 15, the company announced a deal worth more than $40 million with a leading U.S. Robotaxi operator, under which it will serve as the sole supplier of both long-range and short-range LiDAR systems. Deliveries are expected to run through late 2026.
With these fresh orders, Hesai continues to expand its commercial footprint.
The Hong Kong listing proceeds outline its next phase of strategy: roughly half will go into R&D, 35% into expanding manufacturing capacity, 5% into business development, and 10% into working capital and general corporate purposes.
R&D spending will focus on ASIC chip development and next-generation products to maintain leadership in sensing technologies. On the capacity side, Hesai is targeting million-unit annual production to serve both rising ADAS demand and the fast-growing Robotaxi sector.
Since its founding, Hesai has relied on in-house production, ensuring quality control from the ground up while allowing for rapid process improvements. Its current facilities are designed for over two million units per year of production capacity, with 100% automation in key manufacturing steps.
This investment cycle has created a virtuous loop: technology breakthroughs lower costs, which drive adoption, while higher volumes reduce R&D costs per unit. In Q2 2025, Hesai reported revenue of 710 million yuan, surging more than 50% year-on-year, with net profit surpassing 40 million yuan—well above its GAAP profitability target.
The dual listing now gives Hesai an even broader capital platform. Recognition from Hong Kong's deep-tech investors complements the global valuation logic of U.S. markets, providing the company with ample resources to press ahead in LiDAR and robotics—two of the fastest-growing technology arenas.
